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The Process of Buying a Home in Artesia, NM

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Understanding the Artesia, NM Housing Landscape

Thinking about buying a home in Artesia? Awesome! You picked a colorful city with a great balance of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers from coast to coast and have the inside scoop on Artesia's housing scene.

Artesia is growing by the day, which means Artesia homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Artesia area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Artesia and its neighboring areas still offer a wide range of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream home! When buying a house in Artesia, consider how near or far away the home is from the places you visit most. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Traveling around Artesia will also give you an idea of why homes in west Artesia are priced differently than homes in east Artesia, what the neighborhoods are like, and where to find Artesia's hottest attractions.

Are your finances in the right place to buy a home in Artesia? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in New Mexico or somewhere else entirely. We serve experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Artesia.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Artesia house hunt. After that, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Artesia will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, look at how much money you can put toward a down payment. A down payment of at least 20% can help improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at your credit. Credit history is an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Artesia, NM

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Artesia, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Artesia. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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